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Investing.com -- Procept Biorobotics Corp (NASDAQ:PRCT) stock fell 5.1% Friday following the announcement of a leadership change, with Larry L. Wood set to become the company’s new President and Chief Executive Officer.
The medical technology company revealed that Wood will assume the top role effective September 2, 2025, replacing current CEO Reza Zadno, who will step down from his executive positions and board membership. Zadno will transition to a consulting role with the company.
Wood, 59, has served on Procept’s board since April 2024 and brings over 40 years of medical technology industry experience. He currently serves as Corporate Vice President of Transcatheter Aortic Valve Replacement and Group President for Surgical Structural Heart at Edwards Lifesciences Corporation (NYSE:EW).
The leadership change follows what the company described as "an extensive and coordinated succession search process" overseen by the board with assistance from a leading external search firm.
Under his employment agreement, Wood will receive an initial base salary of $925,000, a target annual bonus opportunity of 100% of base salary (pro-rated for 2025), and a sign-on bonus of $1.7 million. The sign-on bonus is intended to compensate for his foregone bonus at his previous employer and cover estimated housing and commuting expenses.
The company emphasized that Zadno’s departure "is not the result of any disagreement between him and the company on any matter relating to the company’s operations, policies or practices."
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